Thu Feb 13 08:06:41 UTC 2025: ## ED Freezes ₹170 Crore in Forex Scam Probe

**New Delhi, February 13, 2025** – The Enforcement Directorate (ED) announced today that it has frozen ₹170 crore in bank deposits and seized ₹90 lakh in cash during a probe into an alleged fraudulent forex trading scheme. The investigation targets QFX Trade Limited and its related entity, YFX (Yorker FX), which are accused of defrauding investors through an unregulated deposit scheme promising high returns.

Raids conducted on February 11th across Delhi, Noida, Shamli (Uttar Pradesh), and Rohtak (Haryana) targeted the company’s promoters, Rajendra Sood, Vineet Kumar, and Santosh Kumar, along with alleged mastermind Nawab Ali alias Lavish Chaudhary.

The ED’s investigation, stemming from multiple FIRs filed by Himachal Pradesh Police, alleges that QFX/YFX operated a multi-level marketing (MLM) scheme, attracting investors through websites, apps, and social media advertisements. After initial police action, the company reportedly rebranded from QFX to YFX while maintaining the same fraudulent practices.

The agency also uncovered links to other alleged fraudulent investment schemes controlled by Chaudhary, including BotBro and TLC Coin. The ED found that funds were collected through shell companies, including NPay Box Private Limited, Capter Money Solutions Private Limited, and Tiger Digital Services Private Limited, with approximately ₹170 crore frozen across roughly 30 bank accounts. The company directors were unable to explain the source of these funds.

The ED alleges that lavish events in India and Dubai were used to lure in more investors. The investigation is ongoing.

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